DEBT

Outstanding debt balances were as follows:



	December 31,
	2018			2017
Notes payable – current
Uncommitted lines of credit	$	20.9		$	16.2
Term Loan A Facility	—			23.0
Delayed Draw Term Loan A Facility	—			17.2
Term Loan A-1 Facility	16.3			—
Term Loan B Facility - USD	4.8			4.8
Term Loan B Facility - Euro	4.8			5.0
Other	2.7			0.5
	$	49.5		$	66.7
Long-term debt
Revolving credit facility	$	125.0		$	75.0
Term Loan A Facility	126.3			178.3
Delayed Draw Term Loan A Facility	160.5			226.6
Term Loan A-1 Facility	625.6			—
Term Loan B Facility - USD	413.2			466.7
Term Loan B Facility - Euro	411.9			489.5
2024 Senior Notes	400.0			400.0
Other	2.4			1.4
	2,264.9			1,837.5
Long-term deferred financing fees	(74.9		)	(50.4		)
	$	2,190.0		$	1,787.1

As of December 31, 2018, the Company had various international, short-term uncommitted lines of credit with borrowing limits of $48.9. The weighted-average interest rate on outstanding borrowings on the short-term uncommitted lines of credit as of December 31, 2018 and 2017 was 8.80 percent and 9.17 percent, respectively. Short-term uncommitted lines mature in less than one year. The amount available under the short-term uncommitted lines at December 31, 2018 was $28.0.

The cash flows related to debt borrowings and repayments were as follows:



	December 31,
	2018			2017
Revolving debt borrowings (repayments), net	$	50.0		$	75.0

Proceeds from Delayed Draw Term Loan A Facility	$	—		$	250.0
Proceeds from Term Loan A-1 Facility under the Credit Agreement	650.0			—
Proceeds from Term Loan B Facility - Euro	—			73.3
International short-term uncommitted lines of credit borrowings	75.9			50.8
Other debt borrowings	$	725.9		$	374.1

Payments on Term Loan A Facility	$	(75.0	)	$	(17.3	)
Payments on Delayed Draw Term Loan A Facility	(83.2		)	(6.3		)
Payments on Term Loan A-1 Facility under the Credit Agreement	(8.1		)	—
Payments on Term Loan B Facility - USD	(53.0		)	(326.1		)
Payments on Term Loan B Facility - Euro	(55.6		)	(4.6		)
Payments on European Investment Bank	—			(63.1		)
International short-term uncommitted lines of credit and other repayments	(62.8		)	(41.4		)
Other debt repayments	$	(337.7	)	$	(458.8	)

The Company had a revolving and term loan credit agreement (the Credit Agreement), with a revolving facility of up to $500.0 (the Revolving Facility) as of December 31, 2018. On December 23, 2020, the Term Loan A Facility will mature and the Revolving Facility will automatically terminate. The weighted-average interest rate on outstanding revolving credit facility borrowings as of December 31, 2018 and December 31, 2017 was 5.97 percent and 3.63 percent, respectively, which is variable based on the London Interbank Offered Rate (LIBOR). The amount available under the revolving credit facility as of December 31, 2018 was $347.5, after excluding $27.5 in letters of credit.

On May 9, 2017, the Company entered into an incremental amendment to its Credit Agreement (the Incremental Agreement) which reduced the initial term loan B facility (the Term Loan B Facility) of a $1,000.0 USD-denominated tranche to $475.0. The reduction was funded using the $250.0 proceeds drawn from the Delayed Draw Term Loan A Facility, a replacement of $70.0 with Term Loan B Facility - Euro and previous principal payments.

The Incremental Amendment also renewed the repricing premium of 1.00 percent in relation to the Term Loan B Facility to the date that is six months after the Incremental Effective Date, removed the requirements to prepay the repriced Dollar Term Loan and the repriced Euro Term Loan upon any asset sale or casualty event if the Company is below a total net leverage ratio of 2.5:1.0 on a pro forma basis for such asset sale or casualty event and provides additional restricted payments and investment carveouts in regards to assets acquired with the Acquisition. All other material provisions under the Credit Agreement were unchanged.

On August 30, 2018, the Company entered into a sixth amendment and incremental amendment (the Sixth Amendment) to its Credit Agreement, which amended the financial covenants and established a new senior secured incremental term A-1 facility in an aggregate principal amount of $650.0 (Term Loan A-1 Facility) and made certain other changes to the Credit Agreement.

A portion of the proceeds of the Term Loan A-1 Facility are restricted to fund the purchase of the remaining shares of Diebold Nixdorf AG not owned by the Company. The proceeds were used to make optional prepayments of existing term A loans in the amount of $130.0 and to permanently reduce revolving credit commitments in an amount of $20.0 and to make a purchase pursuant to an offer open to all term B lenders on a pro rata basis for $100.0 in face principal amount of term B loans. Any remaining proceeds were used for general corporate and working capital purposes.

The interest rate with respect to the Term Loan A-1 Facility is based on, at the Company's option, either the alternative base rate (ABR) plus 8.25 percent or a eurocurrency rate plus 9.25 percent. The Term Loan A-1 Facility will mature in August 2022, the fourth Anniversary of the Sixth Amendment. The Term Loan A-1 Facility is subject to a maximum consolidated net leverage ratio, a minimum consolidated interest coverage ratio and certain covenant reset triggers (Covenant Reset Triggers) as described in the Sixth Amendment. Upon the occurrence of any Covenant Reset Trigger, the financial covenant levels will automatically revert to the previous financial covenant levels in effect prior to the Sixth Amendment.

The Credit Agreement financial ratios at December 31, 2018 were as follows:


•	a maximum allowable total net debt to adjusted EBITDA leverage ratio of 7.00 to 1.00 as of December 31, 2018 (reducing to 6.50 on June 30, 2020, 6.25 on December 31, 2020, 6.00 on June 30, 2021, and 5.75 on December 31, 2021); and


•	a minimum adjusted EBITDA to net interest expense coverage ratio of not less than 1.38 to 1.00 (increasing to 1.50 on December 31, 2020, and 1.63 on December 31, 2021).

The Company has senior notes due in 2024 (2024 Senior Notes) in the aggregate principal amount of $400.0. The 2024 Senior Notes are and will be guaranteed by certain of the Company’s existing and future domestic subsidiaries.

The Company incurred $39.4 and $1.1 of fees in the years ended December 31, 2018 and 2017, respectively, related to the Credit Agreement, which are amortized as a component of interest expense over the terms.

Below is a summary of financing and replacement facilities information:



Financing and Replacement Facilities	Interest Rate Index and Margin	Maturity/Termination Dates	Initial Term (Years)
Credit Agreement facilities
Revolving Facility	LIBOR + 3.50%	December 2020	5
Term Loan A Facility	LIBOR + 3.50%	December 2020	5
Delayed Draw Term Loan A Facility	LIBOR + 3.50%	December 2020	5
Term Loan A-1 Facility	LIBOR + 9.25%	August 2022	4
Term Loan B Facility - USD	LIBOR⁽ⁱ⁾ + 2.75%	November 2023	7.5
Term Loan B Facility - Euro	EURIBOR⁽ⁱⁱ⁾ + 3.00%	November 2023	7.5
2024 Senior Notes	8.5%	April 2024	8


⁽ⁱ⁾	LIBOR with a floor of 0.0 percent.


⁽ⁱⁱ⁾	EURIBOR with a floor of 0.0 percent.

The debt facilities under the Credit Agreement are secured by substantially all assets of the Company and its domestic subsidiaries that are borrowers or guarantors under the Credit Agreement, subject to certain exceptions and permitted liens.

Maturities of long-term debt as of December 31, 2018 are as follows:



	Maturities of Long-Term Debt
2019	$	49.5
2020	438.2
2021	26.5
2022	603.3
Thereafter	1,196.9
	$	2,314.4

Interest expense on the Company’s debt instruments for the years ended December 31, 2018, 2017 and 2016 was $127.1, $102.7 and $85.7, respectively.

The Company’s financing agreements contain various restrictive financial covenants, including net debt to capitalization, net debt to EBITDA and net interest coverage ratios. Under the Sixth Amendment, the Term A-1 Facility is under a covenant holiday period until the earlier of any covenant reset trigger or April 1, 2019. As of December 31, 2018, the Company was in compliance with the financial and other covenants in its debt agreements.